CBN sustains financial inclusion engagements in Lagos

The Central Bank of Nigeria (CBN), at the weekend, engaged entrepreneurs and residents in Lagos on its various intervention programmes meant to stimulate the economy and boost people’s living standards. With the theme: “Promoting financial stability and economic development,” the bank reiterated its determination on enlightening the public about their rights and privileges with respect to customer relationship with commercial banks.

The event came on the heels of a similar forum the apex bank had with Ogun State farmers and Small and Medium scale Enterprises (SME) operators in Abeokuta, also in efforts to bring more people into the formal financial sector relationship. The event came on the heels of a similar forum the apex bank had with Ogun State farmers and Small and Medium scale Enterprises (SME) operators in Abeokuta, also in efforts to bring more people into the formal financial sector relationship.

The Deputy Director, Trade and Investment Department, Olu Vincent, noted that sensitisation of the general public on what the CBN has done over the past two challenging years to stimulate the economy has become necessary, as it would help to appreciate its commitment to the country. Besides, he said the interventions has helped to facilitate economic rebound in the face of oil price market volatility and plans to move from oil to non-oil export. “What we are doing for now is to let the public know various policies they can leverage on for economic growth. We have interventions for real sector, power sector, aviation sector and agriculture sector among others,” he said.

But CBN’s Assistant Director, Currency Operations Department, Benedict Maduagwu, however, harped on the need for the public to show consideration in handling the naira notes because it costs so much to print a single note. “It is a crime to hawk naira. The CBN stands on hawking and abusing the naira is a fine of N50,000 or six months imprisonment or both,” he said.The Principal Manager, Consumer Protection Department, Oludamola Atanda, told participants that their rights and responsibilities include a demand from their banks any information that would help them run their accounts. “If you have a complaint against your bank, you must first report the complaint at the bank/branch where the issue originated and allow two weeks or less for the issue to be resolved. “If after lodging your complaint your bank still fails to engage you and resolve the complaint within the two weeks as provided for in the ATM help desk circular, you have the right to escalate your complaint to the consumer protection department of the CBN,” Atanda said.